OPENLANE, Inc. Reports 2025 Financial Results

Rhea-AI Summary

OPENLANE (NYSE: OPLN) reported 2025 results: full-year revenue of $1.935B, Adjusted EBITDA of $333M, income from continuing operations of $178M, and operating cash flow of $392M. Marketplace dealer volume grew 15% YoY and GMV was ~$29B. Q4 revenue was $494M with Q4 income from continuing operations of $60M. The company provided 2026 guidance: net income $130–$147M and Adjusted EBITDA $350–$370M.

Management highlighted dealer-to-dealer strength, digital marketplace momentum and an Investor Day on March 3, 2026.

Positive

• Income from continuing operations +62% year-over-year (2025)
• Adjusted EBITDA +13% year-over-year (2025) to $333M
• Operating cash flow +34% year-over-year (2025) to $392M
• Marketplace dealer volume +15% year-over-year (2025)

Negative

• Repurchase of Series A preferred stock of $559.3M (2025 financing activity)
• Long-term debt balance of $530.1M at December 31, 2025

News Market Reaction – OPLN

+0.28%

1 alert

+0.28% News Effect

On the day this news was published, OPLN gained 0.28%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 GMV: $7.1 billion Q4 2025 revenue: $494 million Q4 income cont. ops: $60 million +5 more

8 metrics

Q4 2025 GMV $7.1 billion Q4 2025 Gross Merchandise Value; 8% YoY growth

Q4 2025 revenue $494 million Q4 2025 revenue; 9% YoY growth

Q4 income cont. ops $60 million Q4 2025 income from continuing operations; 14% YoY growth

2025 revenue $1,935 million Full-year 2025 revenue; 8% YoY growth

2025 income cont. ops $178 million Full-year 2025 income from continuing operations; 62% YoY growth

2025 Adjusted EBITDA $333 million Full-year 2025 Adjusted EBITDA; 13% YoY growth

2025 operating cash flow $392 million Full-year 2025 cash flow from operating activities; 34% YoY growth

2026 net income guide $130–$147 million 2026 annual net income guidance range

Market Reality Check

Price: $28.70 Vol: Volume 1,528,889 is about...

high vol

$28.70 Last Close

Volume Volume 1,528,889 is about 1.84x the 20-day average of 831,987, indicating elevated interest ahead of earnings. high

Technical Shares at $29.02 are trading below the 200-day MA of $29.97 and sit between the 52-week low of $27.45 and high of $31.78.

Peers on Argus

No peer stocks from the listed sector appeared in the momentum scanner, suggesti...

No peer stocks from the listed sector appeared in the momentum scanner, suggesting the 2.54% pre-news gain and higher volume are driven by company-specific earnings and guidance rather than a sector-wide move.

Historical Context

3 past events · Latest: Jan 27 (Neutral)

Pattern 3 events

Date	Event	Sentiment	Move	Catalyst
Jan 27	Earnings date notice	Neutral	+0.7%	Announced timing of Q4 and full-year 2025 earnings release and call.
Jan 20	AI platform launch	Positive	+2.9%	Introduced OPENLANE Intelligence to unify AI and data capabilities.
Jan 05	Investor Day announcement	Neutral	+1.7%	Scheduled March 3, 2026 Investor Day outlining strategy and outlook.

Pattern Detected

Recent company announcements have been followed by modest positive price reactions, indicating investors have been receptive to strategic and event-related updates.

Recent Company History

Over the past several weeks, OPENLANE issued multiple communication-focused updates. On Jan 5, 2026, it announced a March 3, 2026 Investor Day, which coincided with a 1.68% gain. On Jan 20, 2026, the launch of OPENLANE Intelligence aligned with a 2.91% increase, reflecting interest in its AI and data strategy. A Jan 27, 2026 notice about the upcoming earnings release saw a smaller 0.7% move. Today’s detailed 2025 results and 2026 guidance build directly on this communication cadence.

Market Pulse Summary

This announcement details robust 2025 performance, including $1,935 million in revenue, $178 million...

Analysis

This announcement details robust 2025 performance, including $1,935 million in revenue, $178 million in income from continuing operations, and $333 million in Adjusted EBITDA, plus $392 million in operating cash flow. It also introduces 2026 guidance for net income of $130–$147 million and Adjusted EBITDA of $350–$370 million. Investors may track marketplace dealer volume growth, the mix between auction and SaaS revenue, and execution against these guidance ranges through 2026.

Key Terms

adjusted ebitda, operating adjusted eps, series a preferred stock, gaap, +3 more

7 terms

adjusted ebitda financial

"Adjusted EBITDA of $76 million, representing 5% YoY growth"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

operating adjusted eps financial

"Operating Adjusted EPS | | $1.24 - $1.38"

Operating adjusted EPS is a company’s profit per share calculated using only the results from its regular operating activities, after removing one-time, unusual or non-operating gains and costs. Investors use it to judge how profitably the core business is running — like checking a car’s steady miles per gallon after ignoring a one-off detour — because it smooths out noise and makes performance easier to compare over time and across peers.

series a preferred stock financial

"undistributed earnings (losses) to the holders of the Series A Preferred Stock"

Series A preferred stock is a type of ownership share in a company that gives investors certain advantages, such as priority in receiving profits or getting their money back if the company is sold or goes bankrupt. It is often issued during early funding stages to attract investors by offering more security than common shares. This stock matters to investors because it provides a safer way to invest while still holding potential for future gains.

gaap financial

"not required by, or presented in accordance with, generally accepted accounting principles in the United States ("GAAP")"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

free cash flow financial

"Free Cash Flow is defined as net cash provided by operating activities, less purchases of property"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

credit losses financial

"Provision for credit losses | 12.9 | | 12.1"

Credit losses are the amounts a lender or company expects to lose when borrowers or customers fail to repay loans, credit lines, or outstanding bills. Think of it like lending money to someone who never pays you back: the lender must write that amount off, which reduces profits, ties up capital, and can signal higher risk in a company’s lending or sales practices — all of which matter to investors assessing future cash flow and financial health.

stock-based compensation financial

"Stock-based compensation | 14.6 | | 14.7"

Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.

AI-generated analysis. Not financial advice.

Fourth Quarter Highlights

• Marketplace dealer volume growth of 9% YoY
• Gross Merchandise Value (GMV) of approximately $7.1 billion, representing 8% YoY growth
• Revenue of $494 million, representing 9% YoY growth, driven by 12% growth in auction and related fees
• Income from continuing operations of $60 million, representing 14% YoY growth
• Adjusted EBITDA of $76 million, representing 5% YoY growth
• Cash flow from operating activities of $126 million

Full Year Highlights

• Marketplace dealer volume growth of 15% YoY
• GMV of approximately $29 billion, representing 6% YoY growth
• Revenue of $1,935 million, representing 8% YoY growth, driven by 13% growth in auction and related fees
• Income from continuing operations of $178 million, representing 62% YoY growth
• Adjusted EBITDA of $333 million, representing 13% YoY growth
• Cash flow from operating activities of $392 million, representing 34% YoY growth

CARMEL, Ind., Feb. 18, 2026 /PRNewswire/ -- OPENLANE, Inc. (NYSE: OPLN), today reported its fourth quarter and annual financial results for the period ended December 31, 2025.

"OPENLANE's strong fourth quarter and full-year 2025 results are compelling proof points to the strength of our strategy and our ability to execute with precision," said Peter Kelly, CEO of OPENLANE. "On a full-year basis, OPENLANE sold nearly 1.5 million vehicles and generated $1.9 billion in total revenue, $333 million in Adjusted EBITDA, and $392 million in cash flow from operations. This was driven by particularly strong performance in our dealer-to-dealer business which, despite a challenging fourth quarter macro environment in Canada, continued to accelerate in the U.S., outpacing the industry and taking share. OPENLANE begins 2026 with positive momentum and remains well positioned to capture the opportunities from the industry's continued migration toward digital and the inflection of off-lease volumes beginning in the first quarter of 2026."

"OPENLANE's performance in 2025 further reinforces the strength and scalability of OPENLANE's digital operating model," said Brad Herring, EVP and CFO of OPENLANE. "The investments we've made in people, technology and the OPENLANE brand are further differentiating us in the market, and compounding our growth. And our results, coupled with our positive outlook for 2026, fuel our confidence in OPENLANE's ability to deliver long-term growth and shareholder value."

2026 Guidance

		Annual Guidance
Net income (in millions)		$130 - $147
Adjusted EBITDA (in millions)		$350 - $370
Net income per share - diluted *		$0.95 - $1.09
Operating Adjusted EPS		$1.24 - $1.38

* The company uses the two-class method of calculating net income per diluted share. Under the two-class method, net income is adjusted for dividends (including deemed dividends) and undistributed earnings (losses) to the holders of the Series A Preferred Stock. The weighted average diluted shares used in the net income per diluted share calculation assumes conversion of the remaining preferred shares to common shares in June 2026.

Earnings guidance does not contemplate future items such as business development activities, strategic developments (such as restructurings, spin-offs or dispositions of assets or investments), contingent purchase price adjustments, significant expenses related to litigation, tax adjustments, adverse changes in the value of foreign currencies relative to the U.S. dollar, changes in applicable laws and regulations (including significant accounting, tax and trade matters) and intangible impairments. The timing and amounts of these items are highly variable, difficult to predict, and of a potential size that could have a substantial impact on the company's reported results for any given period. See reconciliations of the company's guidance included below.

Earnings Conference Call Information
OPENLANE will be hosting an earnings conference call and webcast on Wednesday, February 18, 2026 at 8:30 a.m. ET. The conference call may be accessed by calling 1-833-634-2155 and asking to join the OPENLANE call. A live webcast will be available at the investor relations section of corporate.openlane.com. Supplemental financial information for OPENLANE's fourth quarter and annual 2025 results is available at the investor relations section of corporate.openlane.com.

The archive of the webcast will be available following the call at the investor relations section of corporate.openlane.com for a limited time.

Investor Day
As previously announced, OPENLANE will host its in-person Investor Day on Tuesday, March 3, 2026, in Fort Lauderdale, Florida. During the event, members of OPENLANE's executive management team will discuss OPENLANE's strategy, operating model, technology roadmap and long-term outlook.

About OPENLANE
OPENLANE, Inc. (NYSE: OPLN) makes wholesale easy by connecting the leading automotive manufacturers, dealers, rental companies, fleet operators, captive finance and lending institutions as buyers and sellers to create the most advanced digital marketplace for used vehicles. Our innovative products and services deliver a fast, fair and transparent experience that helps customers make smarter decisions and achieve better outcomes. Headquartered in Carmel, Indiana, OPENLANE has employees across the United States, Canada, Europe, Uruguay and the Philippines. For more information and the latest OPENLANE news, visit corporate.openlane.com.

Forward-Looking Statements
Certain statements contained in this release include, and the company may make related oral, "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to certain risks, trends and uncertainties. In particular, statements made that are not historical facts (including but not limited to statements regarding our growth opportunities and strategies, industry outlook, competitive position, business and investment plans and initiatives, the impact of macroeconomic conditions, tariffs and global trade policy, and 2026 financial guidance) may be forward-looking statements. Words such as "should," "may," "will," "would," "anticipate," "expect," "project," "intend," "contemplate," "plan," "believe," "seek," "estimate," "assume," "can," "could," "continue," "of the opinion," "confident," "is set," "is on track," "outlook," "target," "position," "predict," "initiative," "goal," "opportunity" and similar expressions identify forward-looking statements. Such statements are based on management's current assumptions, expectations and/or beliefs, are not guarantees of future performance and are subject to substantial risks, uncertainties and changes that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section entitled "Risk Factors" in the company's annual and quarterly periodic reports, and in the company's other filings and reports filed with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this release. The company undertakes no obligation to update any forward-looking statements.

 

OPENLANE, Inc. Condensed Consolidated Statements of Income  (In millions, except per share data) (Unaudited)
	Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
Operating revenues
Auction and related fees	$      205.5		$      184.0		$      833.5		$      735.3
SaaS and other revenue	62.1		69.2		257.1		295.1
Purchased vehicle sales	117.1		95.6		410.2		327.0
Finance revenue	109.6		106.2		433.7		431.1
Total operating revenues	494.3		455.0		1,934.5		1,788.5
Operating expenses
Cost of services (exclusive of depreciation and amortization)	275.5		244.5		1,041.7		956.3
Finance interest expense	27.3		28.3		109.9		123.5
Provision for credit losses	12.9		12.1		42.4		54.3
Selling, general and administrative	112.8		99.7		445.2		408.6
Depreciation and amortization	23.3		23.0		91.7		95.2
Gain on sale of business	—		(31.6)		—		(31.6)
Loss on sale of property	—		—		7.0		—
Total operating expenses	451.8		376.0		1,737.9		1,606.3
Operating profit	42.5		79.0		196.6		182.2
Interest expense	9.9		4.6		18.1		21.8
Other expense (income), net	0.9		5.4		(13.7)		2.5
Income from continuing operations before income taxes	31.7		69.0		192.2		157.9
Income taxes	(27.8)		16.7		14.5		48.0
Income from continuing operations	59.5		52.3		177.7		109.9
Income from discontinued operations, net of income taxes	—		—		—		—
Net income	$        59.5		$        52.3		$      177.7		$      109.9
Amounts from continuing operations attributable to common stockholders
Income from continuing operations	$        59.5		$        52.3		$      177.7		$      109.9
Series A Preferred Stock Dividends (including deemed dividends)	(247.5)		(11.1)		(280.8)		(44.4)
Income from continuing operations attributable to participating securities	—		(10.2)		—		(16.3)
Income (loss) from continuing operations attributable to common stockholders	$    (188.0)		$        31.0		$    (103.1)		$        49.2
Net income (loss) per share - basic
Income (loss) from continuing operations	$      (1.77)		$        0.29		$      (0.96)		$        0.46
Income from discontinued operations	—		—		—		—
Net income (loss) per share - basic	$      (1.77)		$        0.29		$      (0.96)		$        0.46
Net income (loss) per share - diluted
Income (loss) from continuing operations	$      (1.77)		$        0.29		$      (0.96)		$        0.45
Income from discontinued operations	—		—		—		—
Net income (loss) per share - diluted	$      (1.77)		$        0.29		$      (0.96)		$        0.45

 

OPENLANE, Inc. Condensed Consolidated Balance Sheets (In millions) (Unaudited)
	December 31,  2025		December 31,  2024
Cash and cash equivalents	$                141.5		$                143.0
Restricted cash	43.9		40.7
Trade receivables, net of allowances	314.1		248.2
Finance receivables, net of allowances	2,425.4		2,322.7
Other current assets	86.7		96.9
Total current assets	3,011.6		2,851.5
Goodwill	1,243.5		1,222.9
Customer relationships, net of accumulated amortization	102.7		117.7
Operating lease right-of-use assets	57.9		67.1
Property and equipment, net of accumulated depreciation	104.2		149.3
Intangible and other assets	204.4		213.8
Total assets	$             4,724.3		$             4,622.3
Current liabilities, excluding obligations collateralized by      finance receivables and current maturities of debt	$                840.1		$                682.7
Obligations collateralized by finance receivables	1,758.3		1,660.3
Current maturities of debt	5.5		222.5
Total current liabilities	2,603.9		2,565.5
Long-term debt	530.1		—
Operating lease liabilities	53.0		60.4
Other non-current liabilities	6.8		41.2
Temporary equity	289.8		612.5
Stockholders' equity	1,240.7		1,342.7
Total liabilities, temporary equity and stockholders' equity	$             4,724.3		$             4,622.3

 

OPENLANE, Inc. Condensed Consolidated Statements of Cash Flows (In millions) (Unaudited)
	Year Ended December 31,
	2025		2024
Operating activities
Net income	$       177.7		$       109.9
Net income from discontinued operations	—		—
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	91.7		95.2
Provision for credit losses	42.4		54.3
Deferred income taxes	(31.9)		1.7
Amortization of debt issuance costs	8.9		9.1
Stock-based compensation	14.6		14.7
Loss on sale of property	7.0		—
Gain on sale of business	—		(31.6)
Other non-cash, net	0.4		(0.3)
Changes in operating assets and liabilities:
Trade receivables and other assets	(69.1)		44.4
Accounts payable and accrued expenses	150.2		(4.6)
Net cash provided by operating activities - continuing operations	391.9		292.8
Net cash used by operating activities - discontinued operations	—		(1.4)
Investing activities
Net increase in finance receivables held for investment	(135.3)		(96.7)
Purchases of property, equipment and computer software	(55.4)		(53.0)
Investments in securities	(1.5)		(2.8)
Proceeds from sale of investments	0.8		0.9
Proceeds from sale of business	—		79.8
Proceeds from the sale of property and equipment	42.4		0.9
Net cash used by investing activities - continuing operations	(149.0)		(70.9)
Net cash provided by investing activities - discontinued operations	—		—
Financing activities
Net (decrease) increase in book overdrafts	(5.9)		0.8
Net repayments of lines of credit	(24.2)		(131.7)
Net increase in obligations collateralized by finance receivables	82.4		49.5
Proceeds from long-term debt	547.3		—
Payments for debt issuance costs/amendments	(6.9)		(15.1)
Payments on long-term debt	(210.0)		—
Payments on finance leases	—		(0.9)
Issuance of common stock under stock plans	9.6		1.4
Tax withholding payments for vested RSUs	(6.7)		(3.5)
Repurchase and retirement of common stock	(45.6)		(30.0)
Repurchase and retirement of Series A Preferred Stock	(559.3)		—
Dividends paid on Series A Preferred Stock	(38.6)		(44.4)
Net cash used by financing activities - continuing operations	(257.9)		(173.9)
Net cash provided by financing activities - discontinued operations	—		—
Net change in cash balances of discontinued operations	—		—
Effect of exchange rate changes on cash	16.7		(21.8)
Net increase in cash, cash equivalents and restricted cash	1.7		24.8
Cash, cash equivalents and restricted cash at beginning of period	183.7		158.9
Cash, cash equivalents and restricted cash at end of period	$       185.4		$       183.7
Cash paid for interest	$       115.4		$       140.7
Cash paid for taxes, net of refunds - continuing operations	$         40.4		$         36.6
Cash paid for taxes, net of refunds - discontinued operations	$          (1.5)		$          (1.8)

OPENLANE, Inc.
Reconciliation of Non-GAAP Financial Measures

EBITDA, Adjusted EBITDA, Free Cash Flow, Adjusted Free Cash Flow, operating adjusted income from continuing operations (or "Operating adjusted income") and operating adjusted income from continuing operations per share (or "Operating Adjusted EPS") as presented herein are supplemental measures of our performance and liquidity that are not required by, or presented in accordance with, generally accepted accounting principles in the United States ("GAAP"). The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Management believes that these measures provide investors additional meaningful methods to evaluate certain aspects of OPENLANE's results period over period and for the other reasons set forth below.

EBITDA is defined as net income (loss), plus interest expense net of interest income, income tax provision (benefit), depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for the items of income and expense and expected incremental revenue and cost savings as described in our senior secured credit agreement covenant calculations. Management believes that the inclusion of supplementary adjustments to EBITDA applied in presenting Adjusted EBITDA is appropriate to provide additional information to investors about one of the principal measures of performance used by our creditors. In addition, management uses EBITDA and Adjusted EBITDA to evaluate our performance.

Free Cash Flow is defined as net cash provided by operating activities, less purchases of property, equipment and computer software. Adjusted Free Cash Flow is Free Cash Flow adjusted for the cash portion of EBITDA addbacks to calculate Adjusted EBITDA, the net change in finance receivables held for investment and the net change in obligations collateralized by finance receivables. Management uses Adjusted Free Cash Flow to measure the funds generated in a given period that are available for capital allocation.

Operating adjusted income from continuing operations is defined as income from continuing operations adjusted for acquired amortization expense, gains/losses on sale of property or businesses, impairments to goodwill or other intangible assets and certain other non-recurring items. Amortization expense associated with acquired intangible assets is not representative of ongoing capital expenditures but has a continuing effect on our reported results. Management believes operating adjusted income from continuing operations provides comparability to other companies that may not have incurred these types of non-cash expenses or that report a similar measure. Operating Adjusted EPS represents operating adjusted income from continuing operations divided by weighted average diluted shares, including the assumed conversion of preferred shares.

EBITDA, Adjusted EBITDA, Free Cash Flow, Adjusted Free Cash Flow, operating adjusted income from continuing operations and operating adjusted income from continuing operations per share have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of the results as reported under GAAP. These non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies.

The following tables reconcile income from continuing operations to EBITDA and Adjusted EBITDA for the periods presented:

	Three Months Ended December 31,				Year Ended December 31,
(In millions), (Unaudited)	2025		2024		2025		2024
Income from continuing operations	$      59.5		$      52.3		$     177.7		$     109.9
Add back:
Income taxes	(27.8)		16.7		14.5		48.0
Finance interest expense	27.3		28.3		109.9		123.5
Interest expense, net of interest income	9.6		4.1		14.9		20.2
Depreciation and amortization	23.3		23.0		91.7		95.2
EBITDA	91.9		124.4		408.7		396.8
Non-cash stock-based compensation	5.0		1.1		15.8		15.9
Acquisition related costs	—		0.1		—		0.6
Securitization interest	(24.9)		(25.7)		(100.0)		(112.7)
Loss on sale of property	—		—		7.0		—
Gain on sale of business	—		(31.6)		—		(31.6)
Severance	2.1		2.4		8.9		11.6
Foreign currency losses (gains)	1.2		6.5		(9.3)		5.8
Gain on investments	—		(0.4)		—		(0.4)
Professional fees related to business improvement efforts	—		—		—		1.5
Impact for newly enacted Canadian DST related to prior years	—		(4.6)		—		5.4
ERP implementation costs	0.6		—		0.6		—
Other	0.1		0.5		0.9		0.5
Total addbacks (deductions)	(15.9)		(51.7)		(76.1)		(103.4)
Adjusted EBITDA	$      76.0		$      72.7		$     332.6		$     293.4

 

	Three Months Ended December 31, 2025
(In millions), (Unaudited)	Marketplace		Finance		Consolidated
Income from continuing operations	$           25.8		$           33.7		$           59.5
Add back:
Income taxes	(30.9)		3.1		(27.8)
Finance interest expense	—		27.3		27.3
Interest expense, net of interest income	9.6		—		9.6
Depreciation and amortization	20.1		3.2		23.3
EBITDA	24.6		67.3		91.9
Non-cash stock-based compensation	3.9		1.1		5.0
Securitization interest	—		(24.9)		(24.9)
Severance	1.4		0.7		2.1
Foreign currency losses	1.1		0.1		1.2
ERP implementation costs	0.5		0.1		0.6
Other	0.1		—		0.1
Total addbacks (deductions)	7.0		(22.9)		(15.9)
Adjusted EBITDA	$           31.6		$           44.4		$           76.0

 

	Year Ended December 31, 2025
(In millions), (Unaudited)	Marketplace		Finance		Consolidated
Income from continuing operations	$           60.2		$          117.5		$          177.7
Add back:
Income taxes	(16.8)		31.3		14.5
Finance interest expense	—		109.9		109.9
Interest expense, net of interest income	14.9		—		14.9
Depreciation and amortization	79.4		12.3		91.7
EBITDA	137.7		271.0		408.7
Non-cash stock-based compensation	12.2		3.6		15.8
Securitization interest	—		(100.0)		(100.0)
Loss on sale of property	7.0		—		7.0
Severance	8.0		0.9		8.9
Foreign currency (gains) losses	(9.4)		0.1		(9.3)
ERP implementation costs	0.5		0.1		0.6
Other	0.8		0.1		0.9
Total addbacks (deductions)	19.1		(95.2)		(76.1)
Adjusted EBITDA	$          156.8		$          175.8		$          332.6

The following table reconciles net cash provided by operating activities to Free Cash Flow and Adjusted Free Cash Flow for the periods presented:

	Three Months Ended December 31,				Year Ended December 31,
(In millions), (Unaudited)	2025		2024		2025		2024
Net cash provided by operating activities	$     125.5		$      32.7		$     391.9		$     292.8
Purchases of property, equipment and computer software	(14.7)		(14.0)		(55.4)		(53.0)
Free Cash Flow	110.8		18.7		336.5		239.8
Acquisition related costs	—		—		—		3.0
Severance	2.6		1.2		10.2		8.0
Professional fees related to business improvement efforts	—		—		—		2.1
Other	0.8		0.2		2.0		0.8
Net decrease (increase) in finance receivables held for investment	60.8		(147.1)		(135.3)		(96.7)
Net (decrease) increase in obligations collateralized by finance receivables	(63.4)		142.5		82.4		49.5
Adjusted Free Cash Flow	$     111.6		$      15.5		$     295.8		$     206.5

The following table reconciles income from continuing operations to operating adjusted income from continuing operations and operating adjusted income from continuing operations per diluted share for the periods presented:

	Three Months Ended December 31,				Year Ended December 31,
(In millions, except per share amounts), (Unaudited)	2025		2024		2025		2024
Income from continuing operations	$      59.5		$      52.3		$     177.7		$     109.9
Acquired amortization expense	8.4		8.3		33.4		35.7
Impact for newly enacted Canadian DST related to prior years	—		(4.6)		—		5.4
Gain on sale of business	—		(31.6)		—		(31.6)
Loss on sale of property	—		—		7.0		—
ERP implementation costs	0.6		—		0.6		—
Income taxes (1)	(36.8)		6.1		(45.0)		3.3
Operating adjusted income from continuing operations	$      31.7		$      30.5		$     173.7		$     122.7
Operating adjusted income from discontinued operations	$          —		$          —		$          —		$          —
Operating adjusted income	$      31.7		$      30.5		$     173.7		$     122.7
Operating adjusted income from continuing operations per share - diluted (2)	$      0.25		$      0.21		$      1.24		$      0.85
Operating adjusted income from discontinued operations per share - diluted	—		—		—		—
Operating adjusted income per share - diluted	$      0.25		$      0.21		$      1.24		$      0.85
Weighted average diluted shares - including assumed conversion of preferred shares	126.7		144.1		140.0		145.0

(1)	For the three months and years ended December 31, 2025 and 2024, each tax deductible item was booked to the applicable statutory rate. In the fourth quarter of 2025, we released the $35.8 million valuation allowance against the adjusted U.S. net deferred tax asset, which resulted in a corresponding decrease to income tax expense in 2025.
(2)	The Series A Preferred Stock dividends (including deemed dividends) and undistributed earnings allocated to participating securities have not been included in the determination of operating adjusted income for purposes of calculating operating adjusted income per diluted share.

The following table reconciles net income to EBITDA and Adjusted EBITDA for the 2026 guidance presented:

	2026 Guidance
(In millions), (Unaudited)	Low		High
Net income	$       130		$       147
Add back:
Income taxes	51		55
Finance interest expense	101		100
Interest expense, net of interest income	35		35
Depreciation and amortization	93		93
EBITDA	410		430
Total addbacks (deductions), net	(60)		(60)
Adjusted EBITDA	$       350		$       370

The following table reconciles net income to Operating adjusted income and Operating Adjusted EPS per diluted share for the 2026 guidance presented:

	2026 Guidance
(In millions, except per share amounts), (Unaudited)	Low		High
Net income	$       130		$       147
Total adjustments, net	25		26
Operating adjusted income	$       155		$       173
Operating Adjusted EPS per share – diluted	$      1.24		$      1.38
Weighted average diluted shares - including assumed conversion of preferred shares	125		125

 

Analyst Inquiries:	Media Inquiries:
Bill Wright	Laurie Dippold
(317) 249-4559	(317) 468-3900
investor_relations@openlane.com	laurie.dippold@openlane.com

 

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SOURCE OPENLANE, Inc.

FAQ

What were OPENLANE (OPLN) full-year 2025 revenues and Adjusted EBITDA?

OPENLANE reported full-year 2025 revenue of $1.935 billion and Adjusted EBITDA of $333 million. According to the company, growth was driven by auction and related fees and stronger dealer-to-dealer volume.

How much cash flow did OPENLANE (OPLN) generate from operations in 2025?

OPENLANE generated $392 million of operating cash flow in 2025. According to the company, this represented a 34% increase year-over-year driven by higher collections and working capital changes.

What guidance did OPENLANE (OPLN) give for 2026 Adjusted EBITDA and net income?

OPENLANE guided 2026 Adjusted EBITDA of $350–$370 million and net income of $130–$147 million. According to the company, the guidance excludes potential future strategic or litigation items.

How did OPENLANE (OPLN) perform in marketplace dealer volume in 2025?

Marketplace dealer volume grew 15% year-over-year in 2025. According to the company, U.S. dealer-to-dealer activity accelerated and helped capture market share despite Canada headwinds.

What material financing actions did OPENLANE (OPLN) take in 2025?

OPENLANE repurchased Series A preferred stock for $559.3 million and recorded long-term debt proceeds of $547.3 million. According to the company, these actions reshaped capital structure and liquidity.

When is OPENLANE's (OPLN) Investor Day and how can investors access it?

OPENLANE will hold Investor Day on March 3, 2026 in Fort Lauderdale, Florida. According to the company, management will discuss strategy, and investors can attend or follow related materials on the investor relations site.